Dallas, Texas 04/21/2014 (FINANCIALSTRENDS) – St. Jude Medical, Inc. (NYSE:STJ) on the daily chart has been in a downtrend right from the time it hit the intra-day high of $68.51 in the beginning of March 2014. The stock has slid below its 50 day moving average which currently is at $65.37 but trades above its 200 day moving average which is testament to the strong up move the stock has seen over the past year. The stock is currently taking support at a strong trend line support and has seen bargain buying at these levels. The stock fell below the trend line support but saw a massive bounce back from these levels with very high volumes. The stock faces resistance at the level of $62.66 and a close above that would indicate a fresh up move.
The momentum indicators forSt. Jude Medical, Inc. (NYSE:STJ) are in the bearish territory but are showing first signs of bounce from the current levels and if the resistance at $62.66 is taken out we can see the stock trade back up to its 50 day moving average. The relative strength index for the stock are also showing first signs of inherent strength and we might see an up move in the coming trading sessions given the aforementioned resistance is taken out.
On the weekly charts,St. Jude Medical, Inc. (NYSE:STJ) has been in a massive uptrend and we are witnessing first signs of tapering out. The stock currently trades above its 50 day and 200 day moving averages and has very good support at the $58.61. Any further downside in the stock can be seen only if it breaks the aforementioned level.
(Figure): Daily chart for St. Jude Medical, Inc. (NYSE:STJ)
St. Jude Medical, Inc. (NYSE:STJ) reported results that were in line with street expectations.